Question
What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
294
likes1470 views
Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
Fred
4.4118 Answers
Solution:
For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right) P=\frac{3300}{1+\left(0.027\right)\left(23\right)} P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54
Answer: $2,420.54
Frequently asked questions (FAQs)
Question: What are the key characteristics of the square root function y = โx?
+
Question: What is the derivative of sin(3x) + cos(2x) with respect to x? (
+
What is the limit of (x^2 + 1)/(x^3 + 2x) as x approaches infinity?
+
New questions in Mathematics